FBR STARTS TAKING ACTION AGAINST BENAMI PROPERTIES

The asset declaration scheme was part of the greater project of accountability that the new PTI government had been focusing on since the start, and was a major driving force behind dismissing Nawaz Sharif as PM. The PTI government has been busy in the taxation policy along with which they also added the asset declaration scheme deadline to June 30th, later extended to 3rd July. Those still not complying with the rules which include declaring all their assets would end up with action against them benami properties.

Today, the deadline passed and the FBR (FINANCIAL BOARD OF REVENUE) was quick on its word as it immediately took action starting off with Islamabad, Rawalpindi and Karachi. Notices were sent to undeclared properties, or ‘benami’ properties in the conventional terms. The notices sent restricted the particular property from being sold or transferred under the Benami Transaction (Prohibition) Act 2017.

Must Read: APPLICATION DEADLINES FOR PAKISTANI UNIVERSITIES

Among the first politicians to be affected by the deadline belonged to, you guessed it, PML-N, Chaudhary Tanvir Khan who received a notice for an undeclared 6 Kanal plot. Similar actions were taken in the three cities mentioned above, with the Deputy Commission Income Tax Syed Mashkoor Ali issuing notices to ‘benami’ property holders.

Dr Abdul Hafeez Sheikh, who is the adviser to the Prime Minister had said that the Government would be taking strict action against those who had not declared their assets as it was one of the priorities to get every belonging of the citizens of Pakistan registered, which included biometric verification of bank accounts, registration of phones and the registration of undeclared properties.

PM Khan himself was quite strict on tv regarding the matter as he stressed the importance of such an action to prevent any undeclared properties from being part of any transactions.

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